The Hindu Business Line : ONGC eyeing stake in Qatar LNG firm

THE Oil and Natural Gas Corporation Ltd (ONGC) is hoping to pick up stake in Qatar's Ras Laffan Liquefied Natural Gas Co Ltd (Rasgas II). According to sources, the due diligence for the project is going on.

ONGC hopes to pick up a 5 per cent stake in Rasgas II. The due diligence exercise has been on for the last six months, company sources told Business Line.

Rasgas II is a joint venture company between Qatar Petroleum and Exxon Mobil. Qatar Petroleum has 70 per cent stake, while Exxon has 30 per cent stake in the company.

Rasgas II has five LNG trains with total capacity of over 29 million tonnes per annum. It supplies 5 million tonnes of LNG to India at Petronet LNG Ltd's Dahej terminal in Gujarat.

ONGC Videsh Ltd (OVL), ONGC overseas arm, has already picked up stakes in 15 properties in 13 countries including Russia, Vietnam, Myanmar, Australia, Egypt, Qatar, Iran, Iraq, Syria, Ivory Coast, Libya and Sudan.

Further, OVL may also bid for buying a Canadian company, Petrokazakh, in Kazakhstan. The bidding process for Calgary-based PetroKazakh, which was to close on June 30, is understood to have been extended by a month.

According to Petroleum ministry sources said there were some problems with OVL putting in a bid for meeting the June 30 deadline. However, with the deadline extended OVL is likely to bid for it.

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